03/09/2024
What business are Architects really in?
..how to get paid what you are worth...
Hey, belated Happy Labor Day.
I just got back from sunny Spain, a slightly darker shade of pink with 7 pounds of mass that wasn’t there before.
So, to get myself back into the swing of things I did my first morning run so I can fit back into my clothes again…
…and this thought popped into my mind.
I want to discuss how to get paid more for your projects.
It all comes down to perception of value and who is doing the perceiving.
Architects value the expertise they bring to the table.
Clients who want functional projects done as cheaply as possible place value on the price.
That’s why they fee shop architects…
…haggle fees down as much as possible…
…cut corners…
…and try to minimize their architects’ role as much as possible.
Clients who want to build something special, unique and for reasons beyond dollars and cents…
…value what happens AFTER an architects’ expertise has worked its magic.
In other words, they are buying a ‘Future Life’.
It’s a bit like going to a fancy restaurant with great reviews.
You already know you’re in capable hands.
So, do you want to know how the food is prepared and cooked or do you just want to enjoy a fine meal?
With all that said, the questions you need to answer are:
✅ Who do you want to cater to?
That answer is obvious.
✅ What business are you REALLY in?
Are you in the Architectural Services Business…
…or are you in the Future Life Business?
When I look at most architects’ websites, they are very firmly in the former.
But the ones who charge much higher fees and get paid what they are worth are definitely in the latter.
Let’s look at an example.
Let’s use our restaurateur from the fancy restaurant we spoke of earlier.
Say, he wants to turn an existing space into an amazing high-end restaurant.
Which of these does he value:
✅ Architectural Services...
OR
✅ Recognition of Expertise & Reputation of High-End Cuisine...
If you wanted these types of projects which would outcome do you think this client would pay more for?
Obviously, it’s the latter, that’s the ‘Future Life’ he wants.
And if you look at the high-end restaurant market the numbers are eye watering.
High-end restaurant fit outs can run well in excess of £10mil.
For example, there is a restaurant here in London called Sexy Fish which reportedly cost £15mil to fit out.
Not too shabby.
The average fit out cost for high-end restaurants is between £500 to £800k.
And factor in the fact that the restaurant buildings market as a whole is expected to reach $300.55 billion by 2027 at a compound annual growth rate of 5.7%...
.You can see that this is a very lucrative market for architects who are also interested in interiors.
So with all that said, if you would like to get into the ‘Future Life’ business as an architect and want to know how to actually do this…
…then check out my new book: The Architect Branding Blueprint.
It shows you how to do this step-by-step.
Press here to check it out if you haven't already:
https://architectbrandingblueprint.com
Hope you have a great week!
Cheers,
Declan
P.S.: If you have any questions or comments then post them below...